Fraser Valley is expected to continue being a buyers' market next year as more millennial first-time buyers commence their home purchase, according to the latest outlook from RE/MAX.

RE/MAX said Fraser Valley's population growth will continue to have the most significant impact on the housing market.

"The Fraser Valley housing market is currently witnessing a buyers’ market due to the substantially higher inventory compared to the previous year and more buyers qualifying for the stress test as they become more adjusted to it," RE/MAX said.

Due to the projected demand, average residential prices could increase by as much as 2% next year to $710,432.

"This is due to more Vancouverites moving to the region as they are being priced out of the market.The relative affordability of the area compared to Vancouver keeps it a hot real estate market," it said.

One neighbourhood to watch out for is Surrey City Centre.The developments in downtown Surrey, particularly high-rise condos, will attract not just homebuyers but also businesses to the area.

The infographic below shows the other highlights of RE/MAX outlook for Fraser Valley:

image

Are you looking to invest in property?If you like,

Fraser Valley is expected to continue being a buyers' market next year as more millennial first-time buyers commence their home purchase, according to the latest outlook from RE/MAX.

RE/MAX said Fraser Valley's population growth will continue to have the most significant impact on the housing market.

"The Fraser Valley housing market is currently witnessing a buyers’ market due to the substantially higher inventory compared to the previous year and more buyers qualifying for the stress test as they become more adjusted to it," RE/MAX said.

Due to the projected demand, average residential prices could increase by as much as 2% next year to $710,432.

"This is due to more Vancouverites moving to the region as they are being priced out of the market.The relative affordability of the area compared to Vancouver keeps it a hot real estate market," it said.

One neighbourhood to watch out for is Surrey City Centre.The developments in downtown Surrey, particularly high-rise condos, will attract not just homebuyers but also businesses to the area.

The infographic below shows the other highlights of RE/MAX outlook for Fraser Valley:

image

Are you looking to invest in property?If you like, we can get one of our mortgage experts to tell you exactly how much you can afford to borrow, which is the best mortgage for you or how much they could save you right now if you have an existing mortgage.Click here to get help choosing the best mortgage rate[1]

References

  1. ^ Click here to get help choosing the best mortgage rate (www.canadianrealestatemagazine.ca)

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